Red Bow Realty

Great news for first responders looking to buy a home! 🚓🚒🚑

State lawmakers are aware of the housing pressures on key workers such as law enforcement and other first responders. “Colorado Housing and Finance Authority Mortgage POST Officers First Responders” (Senate Bill 53) broadens access to CHFA mortgage programs by making first responders eligible without regard to income. CAR supports the legislature's efforts to ensure communities remain safe and viable for their residents. The bill went through its first reading on Thursday, February 12th, in the Senate Local Government and Housing Committee.

Have an opinion? Reach out to your representative!

SB26-053 CHFA Mortgage POST Officers First Responders | Colorado General Assembly The effective date for bills enacted without a safety clause is August 12, 2026, if the GA adjourns sine die on May 13, 2026 (unless otherwise specified). Read more.

Happy Valentine's Day! 💕😍
Your Colorado REALTORS are SWEET on landlords. Did you know that the Colorado Association of REALTORS® (CAR) led efforts to defeat “Vacancy Taxes” (House Bill 1036) on a bipartisan 7-4 vote, with more than a dozen REALTORS® testifying against it, along with CEO Tyrone Adams.

This bill would have allowed local governments to punish the lawful use of residential property simply because it was unoccupied for a period of time. Every local government could define “vacant” in its own way, with no exemptions for legitimate reasons - family situations, repairs or renovations, tenant transitions, or market conditions. HB 1036 would have increased housing costs while deterring new housing. Developers converting vacant commercial properties to housing, constructing new residential units, or investing in workforce housing could have faced vacancy taxes if units were “vacant”, slowing housing production.

Learn more here https://leg.colorado.gov/bills/HB26-1036.
Want to talk more about real estate and what's happening in CO? Reach out!

HB26-1036 Local Taxes on Vacant Residential Property | Colorado General Assembly The effective date for bills enacted without a safety clause is August 12, 2026, if the GA adjourns sine die on May 13, 2026 (unless otherwise specified). Read more.

A home inspection isn't just a negotiation tool—it's your budget roadmap for the next few years. 🔍 ⁣
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That report highlighting a 15-year-old water heater or aging roof isn't just leverage for credits at closing. It's a clear signal that you need to budget $8,000-12,000 for likely replacements within your first few years of ownership. That's not a deal-breaker—it's a budget roadmap. ⁣
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Major system failures happen at the worst times: an HVAC failure during a heat wave, a burst pipe in winter, or storm damage to the roof. These scenarios happen when it's least convenient and most expensive. HVAC replacement alone runs $5,000-$10,000, and without liquid reserves, a single emergency can derail your finances entirely. ⁣
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This is where smart buyers differentiate themselves. They don't treat the inspection as pass/fail. They use it to understand the timeline of major expenses and plan strategically instead of scrambling when systems fail. ⁣
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💡 The takeaway: Create a dedicated repair fund before closing. Keep liquid cash reserves after purchase rather than putting every dollar into the down payment. Those who budget with this roadmap in mind avoid buyer's remorse and build equity with confidence. ⁣
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Read the full article: https://bit.ly/4bAv1WU

Think your mortgage payment is locked in? Think again. 🔒 ⁣
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While your fixed-rate mortgage provides payment stability, the escrowed components—taxes and insurance—aren't so stable. As of December 2025, the average insurance premium for a new policy rose 8.5% year-over-year. Climate disasters, higher rebuilding costs, and insurer risk recalibration continue driving these increases with no signs of reversing. ⁣
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Property taxes aren't truly fixed either. The average reached $4,271 in 2024, with many homeowners seeing increases of 16% or more. Even where tax rates stay flat, rising home values keep actual bills climbing—creating the irony that your home's appreciation increases your annual expenses. ⁣
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The reality: A homeowner can receive a letter from their mortgage servicer saying their payment is increasing $200-300 because insurance premiums rose and the property was reassessed—without moving, refinancing, or renovating. No action taken, yet annual housing costs just jumped $2,400+. ⁣
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💡 Takeaway: When budgeting for homeownership, expect these "fixed" costs to rise. True stability requires planning for volatility. ⁣
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Read the full article: https://bit.ly/4bAv1WU

Your mortgage payment is only part of the story. 🏡 ⁣
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Most homebuyers focus exclusively on their monthly mortgage payment when calculating affordability. But here's the reality: that payment typically represents only 70-80% of what homeownership actually costs each month. ⁣
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The average cost of owning and maintaining a single-family home in the U.S., excluding the mortgage, is estimated at around $21,400 in 2025, roughly $1,800 per month. When you factor in these costs, a $2,500 monthly mortgage can grow to over $4,000 in total housing costs. ⁣
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💡 Key takeaways: ⁣
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- Nearly 45% of homeowners report post-purchase regrets, most commonly due to higher-than-expected maintenance and hidden costs ⁣
- Insurance and property taxes continue rising annually---sometimes jumping $200-300/month in a single year ⁣
- Home maintenance now averages around $8,800 annually, with first-year owners often facing higher costs ⁣
- The solution? Budget for mortgage PLUS approximately $1,800 monthly in carrying costs ⁣
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True affordability isn't what a lender approves; It's what lets you sleep well at night when the water heater fails or insurance premiums spike. ⁣
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Read the full article: https://lizbowen.myagent.site/the-true-cost-of-homeownership-what-you-pay-beyond-the-mortgage/ ⁣